GuShiio.com God’s sins can still be violated, but you cannot live on your own sins.
Written by Yangz, Techhub News
Earlier today, the news that OKX would launch a PI caused an uproar in the circle. Techhub News contacted OKX PR about the launch of the “project” that had been nailed as a pyramid scheme, but the other party declined to comment. At the same time, Bitget also followed the footsteps of OKX and announced that it will launch PI.
Speaking of PI (distribution of coins or coins), people in the whole industry must know that it is a typical pyramid scheme that specifically “harvests” middle-aged and elderly people. The project claims to be launched by Stanford University PhD and teaches to older people in the name of “public welfare.” It claims that mining can be free by downloading the APP on your mobile phone and simply operating it.
According to a report by Blue Whale Finance last year, the so-called “mining” only needs to light the lightning sign on the home page in the “coin” application every 24 hours. After completing the operation, the coin will slowly increase without technical content and no capital investment is needed. Coupled with the indiscriminate pyramid scheme of “buying a car to buy a house” in the community, many middle-aged and elderly people have been deceived into entering the bureau over the years.
Although police such as Wuxi City have repeatedly warned against such pyramid schemes, saying that criminals use “free” and “gift giving” gimmicks to attract people who are greedy for small profits to download software, and then use low operating thresholds, no capital investment, and gift a small amount of “coins” to give benefits to the victims, and use the method of attracting heads to expand the victim group and defraud the victim of money. However, it is difficult for the middle-aged and elderly people who lack judgment ability to realize that behind the rising amount of coins, there is no cash withdrawal channel at all. The so-called 100 coins can be exchanged for a Rolls-Royce’s own mall quotation is just a cover for a scam.
However, today’s news that OKX announced that it will launch Pi Network token PI spot trading on February 20 completely shocked the entire industry. Compared with the coin distribution community, which must be noisy at this moment, most of the coin circle is “silent” for this magical news, except for the self-deprecation and banter from young investors who “want to be friends with uncles and aunties.” Many investors shouted that they couldn’t understand it and lamented that “the encryption market has changed.”
On the one hand, the currency circle despised the Paibi community, and on the other hand, it seems that Paibi also despised the currency circle.@ 0xJaleel_eth shared,”In the two worlds, no one likes the other.” He said that the current community that distributes coins does not even care about OKX and is not interested in going to the exchange at all because they have their own barter market. In addition,@0xJaleel_eth shared some information about the current coin distribution community. He said,”There is very little circulation of coins distributed, and KYC requires a long wait. Secondly, most accounts that use KYC are waiting to be ‘mapped to the main network’. In the group of 500 people, only one ordinary person with a small amount of coins has been successfully ‘mapped to the main network’, and only by mapping to the main network can coins be transferred out. The black box operation of the mapping rules is very large.”
Wu said that the founder of blockchain also advised on X not to report on Pi-related situations. He said,”MLM related industrial chains are all targets of crackdown. Everyone still has some legal knowledge. Not having happened doesn’t mean you’re lucky. If it happens once, it’s a disaster for the whole family.”
From Trump’s issuance of TRUMP before his official inauguration, to the suspected example of the President of the Central African Republic issuing CAR a few days ago, the current currency circle has stunned many “old leeks” and even has the idea of “withdrawing from the circle.” Previously, there were DeFi and NFT in the currency circle. Now, in addition to the already declining Bitcoin ecosystem and AI proxy narrative, everyone is full of Memecoin, which has suddenly risen and then may be cut in half (a report from cryptocurrency intelligence platform Merkle Science shows that in 2024, cryptocurrency investors will lose more than US$500 million in Memecoin scams).
Many views believe that Memecoin represents retail investors ‘rebellion against the traditional VC model. Through Memecoin, ordinary investors are no longer passive receivers, but can join forces to promote collective action and form new market rules. However, if this concept is used by bad people, the decentralization spirit that was originally used as a tool for ordinary investors to resist traditional financial monopolies may eventually be distorted.
When everyone shouts about “attention economies” such as Memecoin and coins on exchanges become the focus of public opinion, it also exposes the current lack of practical applications and the inflow of new funds in the market. As@tmel0211 pointed out,”TRUMP has sucked away a lot of liquidity in the industry, and PI coins have taken away the only remaining moral ‘superiority’ in the industry.” Perhaps few people are adhering to the dream of decentralization, transparency, and breaking the traditional financial landscape that they once took pride in.
Amid the shock, of course, there were some different voices. Some X users said that although the nature of the project itself is questionable, it has undoubtedly brought users. Just like the early Bitcoin, it seems that without the “persistence of pyramid schemes”, it would not have been possible to reach this stage today. The author believes that “bringing users” is not a valid reason for its existence. The obvious “pyramid schemes” supported by the head exchanges with huge influence in the industry should be resolutely resisted. The development of Web3 requires the most basic bottom line. It is a fact that the industry itself lacks a sense of direction, but please remember that “the iniquity of heaven can still be violated, and the iniquity of oneself cannot be spared.”
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